After in excess of 10 market deals concluded last
week, the situation in India proved to be drastically different this week with
prices down by as much as USD 25/LT LDT and the task of garnering any sort of
offers from local buyers was proving particularly challenging for cash buyers.
Indeed, after the multitude of high priced deals that
greeted the 3^ear, there will certainly be several owners and cash buyers
sweating on those vessels that have yet to deliver and hoping that all gets
performed smoothly.
Steel prices have taken the major hit over the past
few weeks, bottoming out (as most in the industry are hoping) by almost INR
1,500 lower after some two weeks of consecutive falls. In contrast however, the
currency has remained stable, with the rupee trading at a comparative^ healthy
INR 53 to the US Dollar (having earlier in the year been up as high as 55 to
the dollar).
The one market deal done for the week concerned that
of Glory Shipping of Singapore controlled bulker MV PIONEER II (4,701 LDT),
going for a speculative USD 410/LT LDT. With most small bulk carriers now well
below LISD 400/LT LDT, the relevant cash buyer is taking something of a chance
with the price paid.
Source: Steelguru. 12 February 2013
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